ANCHORAGE, Alaska, Nov. 22, 2013 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors declared its regular quarterly cash dividend of $0.17 per share. The dividend will be paid on December 20, 2013, to shareholders of record as of the close of business on December 12, 2013.
"Regular dividend payments combined with the steady growth in shareholders' equity continues to deliver value to our shareholders over the long term," said Marc Langland, Chairman, President and CEO of Northrim BanCorp, Inc. "As we expand and broaden our franchise, we believe shareholders will continue to benefit from their investment in Northrim."
On October 22, Northrim reported net profits of $3.5 million, or $0.53 per diluted share in the third quarter of 2013, unchanged from the preceding quarter and down from $4.1 million, or $0.62 per diluted share in the third quarter of 2012. An increase in portfolio loans led to an increase in net interest income, which partially offset lower contributions from Northrim's mortgage affiliate in the third quarter and first nine months of 2013. In addition, Northrim recorded net recoveries on previously charged off loans and negative loan loss provisions in the three and nine-month periods ending September 30, 2013, which contributed to earnings in each of those periods, although not to the same degree as in the prior periods. In the nine-month period ending September 30, 2013, Northrim earned $9.6 million, or $1.46 per diluted share, compared to $9.8 million, or $1.49 per diluted share in the first nine months of 2012.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with ten branches in Anchorage, the Matanuska Valley, and Fairbanks serving 70% of Alaska's population; and an asset based lending division in Washington. The Bank differentiates itself with its detailed knowledge of Alaska's economy and its "Customer First Service" philosophy. Affiliated companies include Elliott Cove Insurance Agency, LLC; Elliott Cove Capital Management, LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.
CONTACT: Joe Schierhorn, Chief Financial Officer (907) 261-3308
Source:Northrim BanCorp, Inc.